The US Court of Appeals for the Second Circuit denies Government’s en banc petition in Munibonds Statute of Limitations Case and confirms the limitation of the payment theory (Grimm)

Second Circuit Denies Government’s En Banc Petition in Munibonds Statute of Limitations Case* In its first Munibonds trial in 2012, the Antitrust Division convicted three former General Electric executives for rigging bids to suppress interest rates paid to municipalities on funds they raised through bonds and then invested in guaranteed investment contracts until such time as the funds were needed. The indictment charged that the interest rates were rigged on investment agreements ranging “from as short as one month to as long as thirty years.” The three defendants were in jail when the Second Circuit reversed their conviction in a split vote (2-1) on November 26 on statute of limitations grounds. An opinion followed: United States v. Grimm, 738 F.3d 498 (2d Cir 2013). The Antitrust

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Robert E. Connolly, The US Court of Appeals for the Second Circuit denies Government’s en banc petition in Munibonds Statute of Limitations Case and confirms the limitation of the payment theory (Grimm), 15 August 2014, e-Competitions Due Process Research Program, Art. N° 68643

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